Armenia's Minister of Economy, Gevorg Papoyan, delivered an optimistic statement on the current state and future prospects of the country’s economy at the "YEREVAN DIALOGUE 2024" summit. According to the minister, Armenia is experiencing strong economic growth, indicating the country's readiness for upcoming changes in logistics and economic sectors.
Papoyan emphasized Armenia’s unique geographical location at the crossroads of Europe and Asia, which allows the country to engage effectively with both regions. “Armenia has absorbed the value systems of both Europe and Asia in economic, governmental, and cultural terms. This creates unique logistical and economic opportunities to establish a platform for cooperation that benefits all nations,” the minister noted.
The statistics presented by Papoyan are impressive: in 2022, Armenia’s economy grew by 12.6%, in 2023 by 8.3%, and in the first half of 2024, the growth reached 6.5%. The minister stressed the importance of capitalizing on this growth to ensure continued stable economic development.
A key focus of his speech was the need for economic diversification. According to Papoyan, this is no longer a matter of choice but a vital necessity to confront future economic challenges. The Armenian government is actively working on developing promising sectors such as pharmaceuticals, IT, renewable energy, and integrating cutting-edge technologies into tourism and the textile industry.
The minister underscored the importance of creating an attractive investment environment. “Armenia must not only be a country where investments are protected but also a comfortable place to do business,” Papoyan stated.
In conclusion, the minister linked economic development to the need for sustainable peace in the region. He spoke about the government’s “Crossroads of the World” program, which centers on major economic projects like the “North-South” road corridor and the Gyumri “Dry Port.” According to Papoyan, these projects could create a powerful synergistic effect, transforming Armenia into a key regional hub.
